INDEPENDENT FINANCIAL ADVICE CENTRE
Authorised and Regulated by the Financial Conduct Authority
97 High Street
Your Home is at risk if you do not keep up any mortgage or payments secured upon it!
You should remember that past performance is not necessarily a guide to the future. Market and currency movements may cause the value of units, and the value derived from them, to fall as well as rise and you may get back less than you invested when you decide to sell your units. The tax treatment of investments and pensions is not guaranteed and may change in the future.
It is surprising but some people believe that by arranging a Will they will somehow hasten their death. There is no scientific evidence to back these beliefs. However there is plenty of evidence that not arranging a Will could mean the deceased person's assets are passed to the 'wrong' people. Alternatively and in addition the value of their estates could become subject to unnecessary Inheritance Tax. Click here for HMRC information on Intestacy.
Those people that die without having drafted a valid Will are considered to have died 'intestate'. In this situation the law lays down a standard set of rules for the distribution of their assets.
It is worth pointing out that dealing with the estate of a person who has died intestate can be very complicated. This is particularly true when the person has children, even grown up ones.
A Will can be prepared in a matter of hours for relatively low cost. The potential savings from this initial outlay could be significant, as administration costs when dealing with your estate would be reduced and also Inheritance Tax planning schemes/arrangements can be put into place. You are strongly advised to consider drafting a Will. Should you need assistance please contact us and we can help you further.
We do not arrange “Wills” but we can help you with deciding your priorities and if required put you in touch with qualified solicitors.
Click here to go to HMRC Probate Process Site
Enduring Power of Attorney
An Enduring Power of Attorney (EPA) is a legal document that enables someone (the 'donor') to appoint one or more people ('attorneys'), to manage their financial affairs and property, either now or at a future date. Unfortunately, it is no longer possible to arrange an EPA but all existing EPA’s continue to be valid. EPA’s have been replaced by LPA’s.
A Lasting Power of Attorney (LPA) This an important legal document that enables a person who has capacity and is over 18 (Donor) to choose another person or people (Attorney(s)) to make decisions on their behalf.
There are 2 different types of LPAs:
A property and financial affairs LPA is for decisions about finances, such as selling the Donor’s house or managing their bank account; and
A health and welfare LPA is for decisions about both health and personal welfare, such as where to live, day-to-day care or having medical treatment.
Click here for more information on LPA’s & EPA’s from the “Office of Public Guardian”